Petronas and Saudi Aramco had earlier in March 2018 concluded the Share Purchase Agreement for equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in the PIC.

To mark the occasion, a ceremony was held at PIC which also saw the unveiling of PRefChem's logo.

Commenting on the company's visual identity, Dr Colin Wong Hee Huing, the CEO of the two companies, said that the circular movement of the logo represents collaboration, precision and bonding between Petronas and Saudi Aramco, while the blue and green colours portray PRefChem as a vibrant, dynamic and environmentally friendly company.

The refinery complex and cracker is now 96.54 per cent complete while the petrochemical facilities has achieved 84.8 per cent completion.

Apart from the refinery, cracker and the petrochemical facilities, PIC also includes the development of associated facilities, namely a co-generation plant, an LNG re-gasification terminal, a raw water supply plant, a deep water terminal, and air separation unit, as well as centralised and shared utility facilities.

President and Group CEO of Petronas Tan Sri Wan Zulkiflee said this integrated partnership marks a visionary move by two professionally-run national oil companies where both are able to leverage on each other's strengths and share technical capabilities as well as experiences for mutual benefit.

"Most importantly, this partnership was built on a shared vision and shared values that align a number of priorities for both parties including – upholding the "amanah" or trust that both organisations have in contributing to our respective nations and its people," he added.

President and CEO of Saudi Aramco Amin H Nasser stated: "Today marks an important milestone for this giga joint venture project, which is an integral part of Saudi Aramco's refining and fuels marketing and chemicals business strategies and will help in strengthening the company's growth position in Southeast Asia through crude supply and world-scale downstream operations."

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